Saudi Basic Industries Corporation will invest $1.3 billion for the second phase in its energy transition, according to Fahad Al-Sherehy (Vice President of Energy Efficiency and Carbon Management).
SABIC officials revealed that the company saw a 10% drop in carbon emissions during the $1 billion transition phase. This was according to a panel discussion at the 44th International Association of Energy Economics Conference.
Al-Sherehy reflected on the key elements of energy efficiency and said that it was a key enabler to decarbonization. According to the official, technological advances will play a critical role in energy transition as they can help reduce costs.
CEO of the Saudi Industrial Development Fund, Prince Sultan Al-Saud also stressed the importance of modern technology in energy efficiency and the ongoing energy transition. To achieve the energy goals, he called for greater investments in technology.
We need to look forward in order to achieve our energy efficiency targets. These investments are being hampered by the ongoing dialogue. The SIDF chief stated that we must look to the future and recognize what will get us there. He also said that research and development are necessary to ensure technology is available for future uses.
Panelists also discussed cost-effectiveness when it comes to energy efficiency measures.
Tatsuya Terazawa is the chairman and CEO of the Institute of Energy Economics, Japan. She has divided the process of energy efficiency into three steps.
He first gave an example of how to adjust air conditioners and cool temperatures in countries such as Egypt and Saudi Arabia. He said that immediate results can be achieved by doing this without any cost.
“Secondly, speed. The majority of energy efficiency measures are quick and easy. These measures can be implemented immediately, rather than the development of solar panels and windmills which requires years of R&D,” the expert said.
Terazawa explained that by lowering their energy consumption, energy-importing nations would purchase less fuel, while countries exporting more would be able to buy it.